Shares of Titan Industries, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), plunged over 12 per cent, hitting 52-week low, in early trade on Bombay Stock Exchange (BSE) on concerns that restrictions put by RBI on gold imports will hit business prospects.
Adding to woes, several brokerage firms downgraded the company amid concerns that restrictions put by RBI on gold imports will hit business prospects. Deutsche Bank downgrades the stock to hold and cuts its target price by 28 per cent.
Extending yesterday stiff fall, shares of company declined as much 12.64 per cent and touched 52-week low to trade at Rs 206.50 a piece on the BSE.
In a similar fashion, shares of the company were trading at 217.40 a piece, down 8.35 per cent on the National Stock Exchange (NSE).
Meanwhile, the broader benchmark Sensex was quoting at 19,112.26, down 30.76 points or 0.16 per cent at 10:08 hours.